From the Star Ledger:
N.J. Treasury delays release of April revenue figures without explanation
A joint news conference between Gov. Chris Christie and Senate President Stephen Sweeney wasn’t the only thing that didn’t go off as scheduled today in Trenton.
The state’s Treasury Department failed to release April revenue figures as expected. The department declined to explain the delay.
April is a critical month in the budget cycle where the state receives the bulk of its income tax collections.
A memo written earlier this month by the non-partisan Office of Legislative Services said business and income tax collections in April failed to meet expectations, but did not provide specifics. In March, OLS and the Christie administration were already $537 million apart on revenue projections through fiscal year 2013, with the OLS anticipating a slightly lower revenue rebound.
The slumping revenue figures cast doubt on Christie’s and Sweeney’s ability to deliver the tax cuts — and already have some Senate Democrats rethinking the wisdom of offering them while revenue is weakening.
Christie and Sweeney were poised today to announce a compromise on their competing tax cut proposals, but the surprise news conference was abruptly canceled. Sweeney cited “minor” health issues, but sources say he failed to notify key Democratic lawmakers of the compromise and was the target of some internal criticism that prompted him to delay the announcement.
Good Morning New Jersey
“April Revenue #’s Gone Missing” yea hello, bet which way that numbers going to tilt when we finally get it.
Morning Mike Long time
Was at the union toll plaza the other day,, 14 tolls ringing in $1.50 a pop I estimated that the state took in about $300-400 in the 30 sec it took me to get through the toll (I don’t have an easy pass). Anybody know where all this cash goes? Those vacume’s take in enough cash that coupled with the lottery, we should not have property or income taxes in this state.
It’s all turning to shit, Mikey. We are simply Greece and California redux.
Head for the hills.
Oh, wait…you’re already in the hills.
Expect Fatso and Sweeney Todd to be “shocked, absolutely shocked” when they realize NJ is digging the hole deeper and deeper.
Then, expect panicked calls for NJ to finish off the buttr@pe of the middle class by escalating efforts to tax it into oblivion.
Funnel! Where was ya?
High fivee!
Getting much closer to house purchase. Sellers are now allowing us to test for mold inside wall as long as we go in through electric socket hole and dont make new hole. If there is not a lethal dose of black mold in there, we are buying this thing. Its going to feel weird to watch our savings account drop by 80%.
Don’t look down while you’re walking the plank, veets.
Whatever happened with the roof? Did the inspector find rotten spots?
8.Neanderthal Economist says:
May 15, 2012 at 7:25 am
Inspector said roof is fine but that its missing flashing where roof meets the house. He thinks that is what is causing the leak. It should cost about $500 to have a roofer install flashing, so im told.
http://www.businessweek.com/articles/2012-05-14/underwater-hotel-to-be-dubais-latest-extravagance
forget underwater houses, this is an underwater hotel
Meat walking same plank, only consultation getting at1998 purchase price.
OOPS! consultation= consolation.
House Prices Will Plummet 20% From Here – Gary Shilling
“Despite growing consensus that it is now cheaper to buy a home than rent one, Gary Shilling, president of A. Gary Shilling & Co. says by previous standards home prices are still high relative to rents.”
Read more: http://www.businessinsider.com/gary-shilling-home-prices-are-high-compared-to-rents-2012-5?source=Patrick.net#ixzz1uwZCb7L5
A memo written earlier this month by the non-partisan Office of Legislative Services said business and income tax collections in April failed to meet expectations…
LOL! This is funny sh1t. Next stop: tent cities!
House Prices Will Plummet 20% From Here – Gary Shilling
Tick… tick… tick… tick…
Jamie D fighting for his right to party.
http://www.bloomberg.com/news/2012-05-15/jpmorgan-said-to-weigh-bonus-clawbacks-after-loss.html
Home prices are still high. I am still looking for investment property. My search turned up Long Beach Long Island as I saw a few REOs pop up. Direct LIRR train to City, Great Beach, Tons of bars and restaurant and a good hip mix of young folk, yuppies, beach people and people who commute to NYC. In certain parts you can walk to train, beach and bars.
However, Long Beach traditionally pre-bubble had tons of firemen, cops, bluecollar workers etc who lived there. Apparantly buying and flipping beach bungalows, two family houses, condos, coops or buying and renting them out year round or for summer was way to get rich.
Well Long Beach in last four years got wacked four times.
1) Housing Bubble Popped
2) Huricane Irene damaged houses which caused Flood and Huricane insurance to rise.
3) It is now a mandatory Flood Zone. Every investment property owner now has to take out Flood insurance equivalent to amount of mortage. It is up to 1%.of value taken, So a $500K mortgage got get hit with a 5K annual bill.
4. Long Beach govt was totally mismanaged in fat times. The town bonds have been downgraded multiple times recently and RE taxes are rising quickly to cover short falls.
“investors” who are blue collar folks dont have deep pockets to hold onto homes in bad times. HAMP and Stuff does not work as well on pure investor properties. They are underwater, cant refinance, and now that insurance and taxes have risen the owners lose money each month. I saw a few homes about to go BK where owners have not even fixed IRENE huricane damage as you see cheap patches to siding etc. I guess they are losing homes anyhow so why bother.
Long Beach is going to tank short term. The “investors” are getting shaken out. Kinda like a Margin Call. Still it is a good town to invest. But the fact remains, no matter how great you house or nieghborhood is if all your neighbors are fire-selling houses. Your prices are going to fall. Plus the empty homes are a blight and strain a new broke towns finances further. The circular drain is similar to a toliet soon it will sink into the bowl.
better check their bank accounts
I know I said that the last word was the last word on Saverin, but there is a curious thing I noticed when doing some research on this for predicting future trends.
I looked to see what members of congress or the WH had to say about this. Here’s what I found:
That’s right. Bupkus. Nothing, Nada, Silencio. Nothing from no one, not even Sanders or Frank.
Eerie, if you ask me.
re # 21 – Nom it is fundraising season, Obama will will attend three fundraisers in Silicon Valley next week with more to come during election season.
http://www.mercurynews.com/rss/ci_20540058?source=rss
I wish houses would fall another 20% in this area but I believe 5-6% is more realistic. I am looking in CT and 30 homes closed b/w. Apr. 30 – May 4 in my town. Hoping that May/June/July numbers slow. Foreclosures?? They are mythical. Banks/Govt. working together to suppress their release. It will be slow, whispering not a tsunami.
Just so you know, the New York Times reporting is Biased.
Obama campaign calls NY Times poll ‘biased’
Read more: http://www.wtam.com/cc-common/news/sections/newsarticle.html?feed=104707&article=10126585#ixzz1uwvwFlFY
http://www.wtam.com/cc-common/news/sections/newsarticle.html?feed=104707&article=10126585
Empire State Mfg Survey
Released On 5/15/2012 8:30:00 AM For May, 2012
Prior Consensus Consensus Range Actual
6.56 10.00 2.00 to 15.00 17.09
Housing Market Index
Prior Consensus Consensus Range Actual
25 26 23 to 30 29
So what’s everybody’s take on the JP Morgan thing? Is it a sign that investment banks should be seperate institutions from the retail banks again the way they were before the Glass-Stegall Act was repealed?
But is was banking not Investment Banking that caused loss. A hedging strategy to protect banks investment in investment grade corporate bonds gone wrong big time. Banks do buy investment grade corporate, muni, treasury and MBS bonds all the time and they hedge risk. Goal is to make a larger return on money than interest paid out on CDs. This was just very sloppy hedging and risk mgt.
Brian says:
May 15, 2012 at 10:56 am
So what’s everybody’s take on the JP Morgan thing? Is it a sign that investment banks should be seperate institutions from the retail banks again the way they were before the Glass-Stegall Act was repealed?
#25 Yawn! And the level that indicates conditions are good is 50!!!! Long way to go in the housing market!!!
Mike #6
Took a dive, Broke a hand, ripped the flesh to the bone, couldn’t type or do anything, back online, ready to cause trouble, Good morning NJ
Brian – Losses are not big enough and it is an election year, and the O man is no Roosevelt. Just be happy JPM did not go into segregated customers money to stay in a bad bet like Corzine allegedly did.
two billion out of one trillion is peanuts.
[24] brian,
LOL. Hope and Change.
31
leverage?
[22] juice,
Yeah, I suppose, but is it the belief that he will spook fundraisers by discussing Saverin? IMHO, he can’t touch it so I am not surprised he said nothing. Remember, these are facts that the O-man would like to (and has) quashed.
But Congress is a different matter. I had expected at least one dem to echo the sentiments of Sam Gibbons and call Saverin “despicable.” So far, nothing.
True and I do understand that retail banking side does trading too. I used to work for one and I remember setting up bloomberg terminals for those guys and asking them about it.
And I do understand that it was the retail banking side that screwed up. I heard an economist posing the argument on the radio that it’s the corporate culture of the two sides that don’t mix.
His argument was that retail banking guys are the stodgy tightwads that look you in the eye and tell you you can’t have that loan. They’re generally more conservative with money.
Investment banking guys are the clever type that know investment products inside and out and understand how to look for the cracks in the system that might help them grow they’re money.
Add the two together and you’ve got a massive monster that leaves so much on a guy like Dimon’s plate that it becomes difficult even for him to manage.
I know that JP Morgan has an impressive balance sheet and they can absorb this but what if they couldn’t and it left them insolvent? Would that leave the FDIC on the hook to protect everyone’s deposits?
27.JJ says:
May 15, 2012 at 11:01 am
But is was banking not Investment Banking that caused loss. A hedging strategy to protect banks investment in investment grade corporate bonds gone wrong big time. Banks do buy investment grade corporate, muni, treasury and MBS bonds all the time and they hedge risk. Goal is to make a larger return on money than interest paid out on CDs. This was just very sloppy hedging and risk mgt.
http://www.northjersey.com/news/recordpolitics/NJ_tax_collections_are_230M_behind_budget_state_announces.html
My,oh my 230million shortfall. Raise the tolls, taxes,user fees and charge for the
beach
Brian, lets put this into perspective. Once I was doing a risk thing back in 1999 at a Citigroup Trading desk and we decided a loss of less than one billion was insignificant, one billion to ten billion was significant and over ten billion was a material event.
I was like so one billion loss is no big deal, guy goes I trade hundreds of billions every day back and forth and people on other side of trades are brillant. I hope to be right 51 to 53% of time at best. If I lose 15 billion today and make 15.5 billion today it is a good day. Chase made 16 billion so far this year and lost two billion. The two billion loss is knocking profit down to 14 billion. If Chase took no risk they would have earned no where near 16 billion in first. place. Trading is risky. But like a widow with all her money in savings in 2008 she has to stretch for yield or risk losing it all anyhow as costs and inflation will kill her and a bank without interest and dividend income coming in great than cost and inflation.
re # 27 – JJ – Too Big to Hedge, they went way long on Corporate Credit and then shorted the Corporate Credit CDS and then started doubling down. It was no longer a Hedge but a bet.
Lucky for them it is an election year and we won’t see anymore legislation.
36 –
They won’t raise taxes, that’s political suicide. Don’t worry, they’ll raise the tolls, charge you more to register your car or hit you with fees and take a cut of every other transaction that goes on in this state.
http://online.wsj.com/article/SB10001424052702304192704577406093989791910.html
JPM: Here come the Fed’s . Result : Nothing all for good reading , that’s about it.
What happened with Corzine? Nothing
They hedged a hedge in a crazy manner. I never have seen such crap. Risk Management risk system should order either a position be sold or hedged if it exceeds a traders limits, risk tollerance or VAR. It trader messes up Hedge, Hedging the Hedge is Koo Koo. Chase tried to hedge short and then thought they overhedged short than instead put long hedges on and ended up overhedged long while still holding long positions.
Juice Box says:
May 15, 2012 at 11:33 am
re # 27 – JJ – Too Big to Hedge, they went way long on Corporate Credit and then shorted the Corporate Credit CDS and then started doubling down. It was no longer a Hedge but a bet.
Lucky for them it is an election year and we won’t see anymore legislation.
JJ – JPM shareholders think 2 Billion is significant, because it shaved19 Billion off their market cap and now Jamie D is throwing everyone under the Bus and talking about claw-backs.
Lucky for them it is an election year, same holds true for Corzine.
So why does anyone even care?
37.JJ says:
May 15, 2012 at 11:32 am
Brian, lets put this into perspective. Once I was doing a risk thing back in 1999 at a Citigroup Trading desk and we decided a loss of less than one billion was insignificant, one billion to ten billion was significant and over ten billion was a material event.
I was like so one billion loss is no big deal, guy goes I trade hundreds of billions every day back and forth and people on other side of trades are brillant. I hope to be right 51 to 53% of time at best. If I lose 15 billion today and make 15.5 billion today it is a good day. Chase made 16 billion so far this year and lost two billion. The two billion loss is knocking profit down to 14 billion. If Chase took no risk they would have earned no where near 16 billion in first. place. Trading is risky. But like a widow with all her money in savings in 2008 she has to stretch for yield or risk losing it all anyhow as costs and inflation will kill her and a bank without interest and dividend income coming in great than cost and inflation.
re #41 – JJ so when are the CDS going to be traded on an exchange? You and I cannot play in that space, but I do like to know when the whales are trying to corner a market. For those that don’t know most CDS are in the $10–$20 million a contract, really a King’s ransom for a King’s game.
You’re right 2B isn’t that much. To me its surprising they did, esp if that division still breaks even for the quarter. I think its likely though that $2B is just a hopeful estimate which could easily blow out to $10B “material event” if the world sours.
good morning everyone…I was in here a few months back asking about a rental in BC…scrap that. Now looking for some help with house hunt and need some advice on towns etc. 2 young kids, I work in midtown and need to get there early (around 7am). educated young hispanic family looking for nice neighborhood
jj (37)-
Too bad that old widow doesn’t have the Bernank Put behind her investment activity.
jj (37)-
And, that Bernank Put turns chief investment officers into casino gamblers.
Who is renting the bus and what time are we leaving?
http://www.realtoractioncenter.com/realtor-rally/
Hedges turn into crazy-ass bets when banks can’t make any money by doing traditional lending and financing. Yet another unintended consequence of ZIRP Forever as monetary policy.
Don’t even try to tell me that whale in London wasn’t thinking about making his next quarter when he started this stupid shit.
46 – your query needs to be more specific:
– how long of a commute do you want?
– do you need a train or will you drive?
– is a large spanish speaking community important?
Wow. A gigantic chase for yield, spurred by idiotic Fed policy. We’ve never seen that before…
This should all end in a pile of smoldering rubble. And tears.
CDS are DTCC eligible anyone can buy and sell them. Just cant on some Schwab account, set up a nice prime brokerage account for yourself at Morgan, Goldman etc and start trading.
The widow had the ultimate Bernakee Put, GMAC, BAC, Citi, Hartford, AIG etc. All she had to do was go long these bonds from December 2008 til December 2011 and she have so much interest income that hot cabana boys in palm beach would lick her sandpaper taco till is was as juicy as a fresh mango.
Juice Box says:
May 15, 2012 at 11:44 am
re #41 – JJ so when are the CDS going to be traded on an exchange? You and I cannot play in that space, but I do like to know when the whales are trying to corner a market. For those that don’t know most CDS are in the $10–$20 million a contract, really a King’s ransom for a King’s game.
Thks Seif…..my question was pretty vague! I currently take the bus so open to continuing that as well as taking train, would like to avoid driving. door to door would like to keep under 1:30. large spanish community is not necessary but would like some sort of diversity either thru actual numbers or friendly town that is open to everyone. schools are important obviously with 2 young kids and price range is 450-650. thanks
Frank [46];
2 young kids, I work in midtown and need to get there early (around 7am). educated young hispanic family looking for nice neighborhood
Welcome to the party. No knocks intended but your situation doesn’t sound all that unique. Actually, since you start work in midtown so early, express bus to the PA might be a good option. You might do well to save yourself the ‘train town’ premium.
Beyond that, there is no substitute for getting out there and looking to see what towns are good for you, and what types of houses in those towns. Look at how old the housing stock is — most towns will have been built up within a relatively short window of years. Do you like ’20’s colonials (I like them, but spouse didn’t care for the small rooms and the lack of ‘flow’)? Can you live in a ’60’s cape on 50×100 and not be bothered by the ability to knock on your neighbor’s window and borrow a cup of sugar without either of you leaving your house? Ranch required for mobility? Split OK? Bi-level (yuk, myself)? Most towns have some type of house more prevalent than others, and that will influence the answer to your ‘which town?’ question.
http://www.nbcnewyork.com/news/local/JP-Morgan-Chase-Loss-FBI-Investigates-Justice-Department-151548365.html
54 – why not rent and get to know an area for a year or two before buying?
Frank (46):
It really depends on how much house you want too. You could be the second Latino in Glen Ridge (ha ha). We’re close friends with them.
Valley Stream Long Island is only diverse town in tri-state area. There are no diverse towns in New Jersey.
Diverse is often a code name for a town with a large minority population. That is not a diverse town. Valley Stream for instance in the tri-state area is only town that mirrors US demographics. % of black, % of white, % of asian etc. It is a rare town where a block is white, hispanic, aisian, indian, catholic, Jewish, Muslim all living together with no one group taking over nieghborhood. Houses are cheap and the 6:15 AM train gets you to Penn at 6:47 AM in only 32 mins, plenty of houses walking distance to train. And trains run constant 24×7. There are 90 single family homes for sale for under 300K. and taxes are like 5k to 7k a house. In NJ that would be called a BC train town and homes would run for 700K. However, Valley Stream is Diverse and the Limo Liberal in Jersey think a 99% white town having an Indian 7/11 worker, a chinese take out guy, a spanish gardner and a black garbage man make for a diverse town. No it doesnt. Vallley Stream is diverse as these will be your neighbors.
Frank the Renter says:
May 15, 2012 at 12:19 pm
Thks Seif…..my question was pretty vague! I currently take the bus so open to continuing that as well as taking train, would like to avoid driving. door to door would like to keep under 1:30. large spanish community is not necessary but would like some sort of diversity either thru actual numbers or friendly town that is open to everyone. schools are important obviously with 2 young kids and price range is 450-650. thanks
Valley Stream!
Wasn’t that where the trampling in Walmart took place?
http://www.ucpress.edu/book.php?isbn=9780520205963
Glenridge is that town where the local team gang raped a mentally retarded women. I thought I remembered it.
Yes…it’s a scar that will never go away. But I am not surprised by this. Most of the fathers in Glen Ridge work on Wall Street.
JJ Touche’!
there’s also a book about you on there JJ!
http://www.ucpress.edu/book.php?isbn=9780520271487
Nice parry Lib but gotta give the point to JJ.
I tried my best.
we’re doing that now trying to look at different towns and types of homes, etc the towns offer although it gets a little overwhelming. and here I thought that glen ridge was “diverse”!, GR is definitely in our sights though. our oldest starts school next year so renting is an option but I wanted to avoid the rent for a year and then move again. JJ- I know you love LI but we have family in the area and want to stay in NJ if possible..as painful as that sounds considering the taxes, etc. if you guys were to name 3-5 towns that would fit that bill which would they be
How’s this…
Better a woman than a Vidalia.
Glen Ridge is definitely accepting (just look at those rapists), though probably less diverse than you are looking for. I like parts of Clifton a lot, but the high school is pretty bad. You definitely will have you Spanish speakers there. I really doubt JJ was serious about Valley Stream. That place is scary.
#54 – Frank – If you’re fine with the bus, Nutley is a nice easy commute to mid-town and it’s a pretty nice, diverse town. Don’t know about the schools, but I think they’re pretty good too. I used to walk from my house in Nutley to the corner, not even cross a street and take the bus to PA, The 7 train two stops and be at my office at 42nd & 2nd in under an hour. I always thought it was kind of cool that I could walk out my front door and only have to walk less than one block outside including the Manahattan side and be shielded from the elements practically the whole way without driving.
We have friends in Nutley too. It is a good town, but the schools turn to krap at the middle school level. Anyone see a recurring theme with the schools? You could consider Montclair tool, if you like terrible services and high taxes, but value diversity uber alles.
I’m from Hunterdon county, so can’t help looking for a town nearby, but for NE jersey towns: Go for the town that has a ‘superior’ school system. Those towns are always in demand by Wall Streeters. Westfield comes to mind but you will have to switch in Newark if you go by train. Cranford is good, too. Not as haughty, of course. Anything east or west along that train line is not worth it.
You then have the other train towns: Berkeley Heights (excellent), New Providence, Summit. These are top reputation towns. Along the NE corridor line, there is nothing much to speak of until you go past New Brunswick. Well, Princeton doesn’t count, so skip the NE corridor.
In the long run, the top rated towns always win out. Spanish or not, it really doesn’t matter, as long as the children don’t grow up in a Ghetto/Rap type culture, but where the kids are pressed hard by the parents to keep their noses in the books and out of trouble. Successful neighborhoods breed successful kids. Doesn’t matter if your white, black, purple, polka dot or barber striped (to those of you who remember the Elmer Fudd caricatures), having your kids surrounded by smart kids is the way to go.
Oh, and when I say diverse, I mean Nutley is diverse by blue-ribbony NJ standards (Somewhere around 85% Caucasion)
Our friends in Nutley are Latino too. Libtard, who was labeled a racist by some locals for moving away from the diversity in Montclair, doesn’t appear to have many white friends. :P
http://www.thestreet.com/story/11533664/1/us-housing-cannot-recover.html
U.S. Housing Cannot Recover
“The 97% of mortgage loans that have not been foreclosed on but probably will be makes up the largest percentage of what is known as shadow inventory. This number is so horrifically high that even the pundits aware of the issue won’t discuss it publicly — probably because their own livelihoods could be at stake for doing so…
Until there is a known plan for how to deal with this issue, I will remain negative on housing. Pretending the issue does not exist simply by not foreclosing and hoping that the economy will rebound to the extent necessary for housing values to increase and mortgagors to start making payments again is ludicrous.”
None of my children spoke English as their primary language until 3 or 4 years. Oldest one had the funniest Eastern European accent until entering pre-school. Even once the kids entered elementary, the school powers pulled them off an hour each week for ‘speech therapy’. My wife and I couldn’t keep stop laughing as we played along with the teachers’ gag. It was all for state money. Didn’t protest as we knew kids would be fine growing up.
What is up with My Little Pony. I heard today that tons of young men watch it and are called Bronies and they do Bro-hoofs with each other. No wonder I mainly hire young women, texting, facebooking, gaming and watching my little pony is a sad excuse for todays young men.
Those funny eastern european accents makes me think of Andy Kaufman on Taxi.
xolepa says:
May 15, 2012 at 1:40 pm
None of my children spoke English as their primary language until 3 or 4 years. Oldest one had the funniest Eastern European accent until entering pre-school. Even once the kids entered elementary, the school powers pulled them off an hour each week for ‘speech therapy’. My wife and I couldn’t keep stop laughing as we played along with the teachers’ gag. It was all for state money. Didn’t protest as we knew kids would be fine growing up.
If you want a rock solid school system where virtually all the Dads are on the train to Manhattan, then you might want to look at Glen Rock. Taxes are high, services are great. You’ll definitely be shopping at the $650K end of your range and probably wishing you could afford $750K. Nice downtown with two train lines.
when I said diverse I was assuming by “ribbony” standars as well. Xolepa- totally agree, priority for us is good schools and good neighbors and “some” level of diversity. Lib-I think you’ve done a great job of scaring people away from Montclair…doesn’t sound like our cup of tea. someone suggested Leonia..any thoughts?
I find it kinda racist that you would think I was kidding about Valley Stream. I was actually in Green Acres Mall on Saturday in Valley Stream. Nice blue collar hard working town. I would say 95% of mall were minorities. Maybe 50% black. Lots of dented cars etc and a few pawn stores and rib joints. That does not make it bad. It is just white racist insular NJ people get scared at thought of being only white person in a store or restaurant etc. Maybe since I grew up in Bronx and lived in Queens and Manhattan for ten years I dont notice this stuff. But I notice Jersey people do and they are extremely judgemental. Kinda like John Rocker on the 7 train. White Wall Street College Educated or Doctors/Lawyers or College Professors are the worst Snobs in the world. I hate them. I put my “beats” on wear my Hoody and my spankin white Air Jordans and go all punk on the Yuppy boys. I got so street the other day in Valley Stream took the wifes monster SUV and wore the hoodie. Guy in lot knew better than to sell me the fake watches, he knew I jack him. Better for him to wait for some punk NJ Plate Lilly white Lexus driver to sell his wares too.
BTW Jay Z, Run DMC, Sean Combs these folks from the boros run this town. Dont see no GlenRidge commuters court side at games, They dont have no JU-ICE.
Libtard in the City says:
May 15, 2012 at 1:14 pm
Glen Ridge is definitely accepting (just look at those rapists), though probably less diverse than you are looking for. I like parts of Clifton a lot, but the high school is pretty bad. You definitely will have you Spanish speakers there. I really doubt JJ was serious about Valley Stream. That place is scary.
Frank-With a 90 minute commute window-stay the h*ll out of Bergen and Essex. Can you say T-A-X-E-S? You’ll get a reasonable bang for your buck in Union County and there are some great -$500k homes that can be had in Westfield, Berkley Hgts, Cranford, New Providence and surrounds, all with a reasonable commute and some of the best schools in NJ
#42 Jamie would earn my respect if he just told everyone to go screw. It’s their money to lose. They are still printing money over there hand over fist, notwithstanding their hedging incompetence and sh*t risk management control infrastructure.
81 –
Thank you jj. that was so refreshing. we all know that you would never say anything racist, sexist, age discriminitory or offensive to anyone. kudos to you sir.
https://njrereport.com/index.php/2012/02/29/big-jump-in-contracts-in-january/#comment-500242
(81)
racist story: My wife and I were engaged in early 80’s. I wanted to buy a 4 family in Morristown, law office block. Easy rental money. Put minimum down. Move out in a year, have $$$ rolling in afterwards. Realtor showed a neighboring multi 3 houses away. Realtor knocked door. It was morning. A little while later, person of diversity appeared and opened the door. My wife ran, literally ran, back into the car and said I’m not looking here no more. Realtor and I just shook our heads. I felt sorry for the realtor. My wife was 22 years old at the time. Grew up in Roselle Park. I grew up in a truly diverse environment – race riots every May and more.
The things you need to be successful in life you are born with. Quite honestly school is not that important. First “real” interview I got on a trading desk I noticed everyone was young, good looking, tall, athletic, had a great personality, had solid sales skills and were extremely outgoing. Although I like hiring people with a good education and high GPA quite honestly the world is like the show “the voice” supposedly it goes to the person who can sing the best, but the older, fat or ugly contestants never seem to win. Somehow the voice sounds better when a pretty face is singing. Like on Americas got talent last night some weird women with birds all her sang an amazing song. But got booted, really who wants to look at her while she sings.
when I took an Accounting Class three years ago with a bunch of 18-19 year olds the professor made a point of telling the mealy mouse badly dressed snot nose back stabing three kids who had perfect scores and were bragging about it, that your 100 on the test is meaningless it wont help you in life. I was talking to professor one day as he was wondering why I was taking class. I said I needed the Tax Course and needed a C at least. Of course I proudly pulled a 67 on the midterm which in the curve got rounded to a C plus. Professor point out to class this guy has not even passed an entry level tax course in Accounting and making more than anyone in this class or I will ever make. And he could hire you when you graduate. Get to know him more than worrying about test. The kids none of them talked to me about a job. None of even understood importance of corporate tax, how are they going to be Big 4 partners, CEOs or CFOs without having a basic understanding of corporate tax. I guess there goals were a lot lower.
race riots every May and more = Franklin HS, Somerset NJ
In m senior year at FHS, a bus load of helmeted, armed Swats separated the two factions 10 minutes before the blood was to spill. 300 whites against 250 locals – the high school was situated in a minority part of the township. It was a standoff. Things calmed down for several years after that incident.
Would you want to send your kids to that kind of district?
I think diversity works as it balances out all the different minorities flaws.
Brian says:
May 15, 2012 at 2:20 pm
81 –
Thank you jj. that was so refreshing. we all know that you would never say anything racist, sexist, age discriminitory or offensive to anyone. kudos to you sir.
https://njrereport.com/index.php/2012/02/29/big-jump-in-contracts-in-january/#comment-500242
86 – yawn
JJ = http://en.wikipedia.org/wiki/Walter_Mitty
82 – I agree. If you are okay with a 1.5 hour bus or train commute go further out, pay less taxes and get more bang for your buck.
#81. On the flip side, I worked in Baltimore for one year. On days when I95 would be shut down due to 50 vehicle pile-ups, I would take a short-cut between my E. Pratt Street work address and tony suburban mecca, through what can be best described as pure inner city hell. As the only white guy for miles around, all eyes went to me. I made many a drug dealer, pimp, hooker, etc… nervous. I don’t know why and I can’t figure out why no one else took the short cut ;)
God, I miss that commute.
Sief wow, you are an interesting person. A profession Poker player. I am impressed.
http://www.markseif.com/
seif says:
May 15, 2012 at 2:41 pm
86 – yawn
http://www.markseif.com/
I will invite you to my weekly game sometime. I am sure it won’t compare to that “one time in the 80’s when you played poker with Mick Jagger, Michael Milken, and a young bond trader named Michael Bloomberg while on Richard Branson’s jet to his newly purchased Necker Island in the Caribbean…” but I will let you bring the cigars.
I would have invited Michael Douglas instead of Richard Branson so everyone playing would be named Mike. However, if Richard Branson was there and since I always have beer nuts out when I play poker, I could say Hey Dick pass me Some Nuts at least ten times a night.
seif says:
May 15, 2012 at 2:52 pm
I will invite you to my weekly game sometime. I am sure it won’t compare to that “one time in the 80′s when you played poker with Mick Jagger, Michael Milken, and a young bond trader named Michael Bloomberg while on Richard Branson’s jet to his newly purchased Necker Island in the Caribbean…” but I will let you bring the cigars.
seif [93],
I played lead cowbell for Blue Osyter Cult in the late 70’s/early 80’s. Can I come to your weekly game as well?
xmonger –
Get off the GSP at 141 (Irvington) and head north for the next three miles either on the east or west side of the highway. When the GSP backs up on my way home from Union, I always take the short-cut through the hood. I’ve witnessed two stolen car crashes (underage kids and they narrowly missed me on the second one) and a lot of young men getting handcuffed by the 5-oh. The only place I won’t go in New Jersey is Vailsburg. That’s either during the day or night. Just too many bullets flying there. As for growing up, I was raised in white and Asian East Brunswick, but my parents sent me to the cheapo YMCA sleepaway camp that many of the Newark kids in the Fresh Air Fund attend.
I know of the white fear that JJ speaks of. It does exist. When I was at the PinStripe Bowl this past December, the Iowa State fans behind us wouldn’t stop going on about their fear of the subway. Oy vey.
And Leonia is not that different from Clifton.
A true story. When I was working at MLPFS in late 70s, I was getting my MBA in Newark – Rutgers Grad school of Business. So I commuted using Raritan Valley line, hopped path to WS, worked my day, hopped path back to Newark and took Newark subway train to class. One evening, exhausted, I fell asleep on the subway heading deep into Newark. Last stop I woke up, told I had to leave. Walked out and the neighborhood was bulldozed. Only building left standing was a bar. I needed exact change to get back on subway and had no coins in my pocket. I had to walk inside the bar. I am white, but I was dressed in a three piece with a heavy wool coat. All the stools at the bar were taken. No one glanced at me. I asked the bar lady politely for change and went on my way. I was 24 at the time. I wasn’t one bit nervous. I grew up with that diversity and it didn’t bother me that day as a result. Nowadays, the press, the president, the race baiters keep the rhetoric up high. All to sell or get votes.
95 – yes, of course. we definitely need MORE cowbell…but you have to pick JJ up from Penn Station and give him a ride out; cars are only for snot-nose, candy-ass kids who score high on tests but don’t know the real value of a dollar!
I am very lucky that I?ve found your blog and this article! The information you provide here is very clear and understandable! Thank you so much for your help!
dont fear the reaper
gary says:
May 15, 2012 at 2:59 pm
seif [93],
I played lead cowbell for Blue Osyter Cult in the late 70′s/early 80′s. Can I come to your weekly game as well?
More pump….
NYSE Beefs Up Electronic Systems For Facebook Debut
NYSE Euronext (NYX) said its Arca electronic exchange unit will devote special resources to handle demand for Facebook Inc. shares in the social network’s public-market debut Friday.
The company said Arca will dedicate a trade-matching engine–the software that matches stock bids and offers–to support the keenly-awaited flotation.
The move comes as U.S. stock exchanges brace for a flood of investors seeking to trade in Facebook following its initial public offering, with some traders anticipating as many as 600 million shares in the company changing hands Friday.
Nasdaq OMX Group Inc. (NDAQ), which runs the exchange where Facebook will list its shares, took the unusual step last Friday of running a test IPO, geared toward allowing exchanges a test-run ahead of Facebook’s planned market float on May 18.
“We’ve taken appropriate precautions on NYSE Arca related to Facebook trading on Friday, including dedicating a server to handle the anticipated heavy market order volume,” a spokesman for NYSE Euronext said Tuesday.
Officials with BATS Global Markets and Direct Edge Holdings said Tuesday that they have not taken special steps to accommodate the Facebook IPO.
“We built our system to have excess capacity,” said Bryan Harkins, chief operating officer for Direct Edge. “We do move things around based on heavy trading but we’re not making specific accommodations for Facebook.”
http://online.wsj.com/article/BT-CO-20120515-714764.html
I had a car in HS, paid $50 bucks for it and had it registered in some else’s name. The old Hasadic Williamsburg trick, buy an old car for $100 bucks dont register it or register it in someone elses name and when it dies leave it on the road. Cheaper than the bus. My friend really pushed the envelope once he registered a car at a Hampton house he knew was empty in winter in owners name with owners address and drove out and picket up registration. That was funniest ever. Never actually got a ticket, used guys address for beach passes and other stuff. But often wonder if he got into big crash and just ran away from Car what happened to homeowner. .
seif says:
May 15, 2012 at 3:11 pm
95 – yes, of course. we definitely need MORE cowbell…but you have to pick JJ up from Penn Station and give him a ride out; cars are only for snot-nose, candy-ass kids who score high on tests but don’t know the real value of a dollar!
[97] xolepa
You want a medal or a chest to pin it on?
[72] xolepa.
“Westfield comes to mind but you will have to switch in Newark if you go by train.”
If you work in lower manhattan, you are switching trains regardless. Also, a nice, unintended benefit of the RVL is that it is diesel and doesn’t share a line with Amtrak. So it’s running when the NE Corridor isn’t.
And you are right about the schools. You can pay the same taxes in SPF or Cranford but you don’t get as much. As much as I think leaving NJ is a good idea, I will not be enthusiastic about leaving the Brig.
[95] gary
“gary says:
May 15, 2012 at 2:59 pm
seif [93],
I played lead cowbell for Blue Osyter Cult in the late 70′s/early 80′s. Can I come to your weekly game as well?”
I have a cowbell around here somewhere. Can I go with you?
OT Alert: Prepping
I enjoyed the NatGeo series “Doomsday Preppers” but I was always bemused by the fact that the people on the show were violating the cardinal rule of prepping which is Don’t Let Anyone Know You Are Prepping.
To most people, the obvious reason is that you don’t want the zombies to know that you have food/water/guns/ammo/fuel/etc. and that is reasonable.
But to someone like me, who is used to dealing with the government, there is another reason for the cardinal rule: You don’t want to give the government any reason to come after you. Now there are those who consider that admonition tin-foil hat material, and I must admit that it seems kinda paranoid. And it is until it isn’t.
In my research on a legal topic for a possible project (a legal guide for preppers), I learned that after one of the people on the show appeared on it, the State of Tennessee went to his house, had him involuntarily committed, and seized his guns. Then they released him but deemed him to be mentally defective so that they don’t have to give the guns back. He was on disability for a back problem and had been putting off surgery due to cost so he clearly can’t fight it.
I saw his episode and he struck me as one of the saner people on that program (there are some flakes to be sure).
Now there are those who will say, well the state must have been justified and they wouldn’t just go after someone like that in order to seize his guns, right? Regrettably, I have seen the arbitrary and muscular use of governmental authority exercised at all levels in the most Machiavellian ways. It not only happens, it happens frequently.
Prepping is a silent endeavor.
I’m sure nobody cares at this point, but a friend of ours is married to one of the members of soft white underbelly.
I understand that this is a trade group puff piece, but I think there is some meat behind the numbers.
http://www.rvia.org/?ESID=preleases&PRID=448&SR=1
I went to the RV expo in Philly a few months back and there was a lot of foot traffic and deals being made. It was not as big as some I have been to in Florida, but the carpark was full and people seemed happy.
This weekend I was in an RV dealer and the feeling was, that it was a good start to the year. The tables were doing a brisk business and the sales guy I was working with was showing off the nice motorbike (albeit used) he had just bought.
On top of that, I was trying to book a campsite for memorial weekend and a lot of my favorites in the tri state were fully booked.
All I want for Christmas is a Tesla gun.
http://youtu.be/h5jBjso6l6I
[108] fabius,
That is a demographic trend that has been building for awhile. And there is a nice tax angle to RV ownership that has NY vexed.
NEWMAN!
http://www.youtube.com/watch?v=wHN0ZeS5c-4&feature=plcp
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